Incheon Airport in South Korea plans $4.6bn tourism project

10 February 2015 (Last Updated February 10th, 2015 18:30)

South Korea's Incheon Airport is planning a new tourism project, which will see an investment of approximately $4.6bn in a bid to attract affluent Chinese travellers in direct competition with Singapore and Philippines.

South Korea's Incheon Airport is planning a new tourism project, which will see an investment of approximately $4.6bn in a bid to attract affluent Chinese travellers in direct competition with Singapore and Philippines.

The Singapore-style project will include a new casino, shopping mall and hotels, Bloomberg reports.

The airport is seeking proposals for the construction of the facilities and is expected to sign an agreement this year. To be located near the construction site for a second passenger terminal, the project is expected to be completed by 2019.

"The government wants to build a cluster of integrated resorts near the airport that will resemble Macau."

Incheon International Airport official Lim Byung Kee said that local and overseas companies have expressed interest in investing in the project.

According to the figures released by Korea Tourism Organisation, close to 6.13 million travellers from China visited the country in 2014. The South Korean Government aims to increase the number of Chinese visitors to ten million a year by the end of 2020.

In addition to the proposed project, three integrated resorts are currently being built near Seoul, two of which received consent from the government last year.

"The government wants to build a cluster of integrated resorts near the airport that will resemble Macau," said Kee.

"There are some operators in Macau that seem to be interested in investing in Incheon because of the growth limitations."